{"id":27916,"date":"2023-03-29T13:37:54","date_gmt":"2023-03-29T13:37:54","guid":{"rendered":"https:\/\/swoopfunding.com\/ie\/?post_type=blog&p=27916"},"modified":"2024-03-28T09:06:44","modified_gmt":"2024-03-28T09:06:44","slug":"how-to-pay-off-a-cash-advance","status":"publish","type":"blog","link":"https:\/\/swoopfunding.com\/ie\/blog\/how-to-pay-off-a-cash-advance\/","title":{"rendered":"How to pay off a cash advance"},"content":{"rendered":"\n
If you need cash fast, you might be tempted to withdraw money on your business credit card<\/a>. Doing so can be a quick and convenient way to get the funds you need. But it can also be very expensive.<\/p>\n\n\n\n This guide takes a detailed look at how cash advances work and how to pay them off. <\/p>\n\n\n\n A cash advance<\/a> is a way of obtaining immediate funds through your credit card. One of the most popular ways to do this is to withdraw money on your credit card from an ATM. <\/p>\n\n\n\n Most credit cards let you do this in the same way as a debit card. However, the difference is that you will need to pay back the amount you have withdrawn and interest will be added. Interest usually applies immediately \u2013 even if you pay off your credit card bill in full that month.<\/p>\n\n\n\n As well as withdrawing cash on your credit card, there are a number of other transactions that can be considered a cash advance. These include when you use your credit card to:<\/p>\n\n\n\n It\u2019s important to check your card provider\u2019s terms and conditions to be sure of what your provider classes as a cash advance. <\/p>\n\n\n\n Yes, you can use your credit card to withdraw cash from an ATM. Like with a debit card, you insert your credit card into the ATM and enter your PIN to withdraw the amount of cash you require. Alternatively, if your credit card provider has a bank branch, you can also withdraw money in branch. Some retailers will also let you get cashback when you pay for a purchase on your card.<\/p>\n\n\n\n However, while a debit card lets you withdraw the amount you have in your bank account, the amount of cash you can withdraw on your credit card will depend on a number of factors. These include:<\/p>\n\n\n\n Withdrawing cash on a credit card can be a very costly exercise. For a start, you\u2019ll usually need to pay a cash advance fee of around 3%. So if you withdrew \u20ac500, you\u2019d pay \u20ac15. On top of this, interest is charged daily. <\/p>\n\n\n\n Usually when you use your credit card to make a purchase, you have what\u2019s known as a \u201cgrace period\u201d. This is a set number of days, usually up to 56, during which no interest is charged. If you pay off your balance in full by the statement due date, you won\u2019t pay any interest.<\/p>\n\n\n\n By contrast, with a cash advance, there is no grace period and you\u2019ll pay interest from the day you get your cash until the day you pay off the balance. Interest rates are typically higher than for other types of transaction too, which means it can be a very expensive option.<\/p>\n\n\n\n If you\u2019re considering taking out a cash advance, it\u2019s important to think about whether you really need to get hold of cash in this way or whether there are any alternative options \u2013 such as taking out a business loan<\/a> or borrowing money from friends or family.<\/p>\n\n\n\n If you do need to use a cash advance, keep the following points in mind: <\/p>\n\n\n\n When comparing business credit cards, you\u2019ll need to think about what you plan to use your card for and which factors are most important to you. Keep the following in mind to help you find the most suitable card for your business: <\/p>\n\n\n\n If you need cash fast, you might be tempted to withdraw money on your business credit card. Doing so can be a quick and convenient way to get the funds you need. But it can also be very expensive. This guide takes a detailed look at how cash advances work and how to pay them […]<\/p>\n","protected":false},"author":22,"featured_media":26970,"comment_status":"open","ping_status":"closed","template":"","category":[1371,1362,1673,1674],"acf":[],"featured_image_urls":{"full":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled.jpg",2560,1707,false],"thumbnail":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-150x150.jpg",150,150,true],"medium":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-300x200.jpg",300,200,true],"medium_large":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-768x512.jpg",768,512,true],"large":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-1024x683.jpg",1024,683,true],"1536x1536":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-1536x1024.jpg",1536,1024,true],"2048x2048":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-2048x1366.jpg",2048,1366,true],"image_blog":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-408x252.jpg",408,252,true],"image_podcast":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-397x298.jpg",397,298,true],"image_banking":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-30x20.jpg",30,20,true],"image_blog_internal":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-840x480.jpg",840,480,true],"image_blog_medium":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-1024x500.jpg",1024,500,true],"image_single_banking":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-80x53.jpg",80,53,true]},"post_excerpt_stackable":" If you need cash fast, you might be tempted to withdraw money on your business credit card. Doing so can be a quick and convenient way to get the funds you need. But it can also be very expensive. This guide takes a detailed look at how cash advances work and how to pay them off. What is a cash advance? A cash advance is a way of obtaining immediate funds through your credit card. One of the most popular ways to do this is to withdraw money on your credit card from an ATM. Most credit cards let you…<\/p>\n","category_list":"Blog<\/a>, Funding resources<\/a>, SME support<\/a>, Swoop guides<\/a>","author_info":{"name":"Rachel Wait","url":"https:\/\/swoopfunding.com\/ie\/author\/rachel-wait\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled.jpg",2560,1707,false],"thumbnail":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-150x150.jpg",150,150,true],"medium":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-300x200.jpg",300,200,true],"medium_large":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-768x512.jpg",768,512,true],"large":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-1024x683.jpg",1024,683,true],"1536x1536":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-1536x1024.jpg",1536,1024,true],"2048x2048":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-2048x1366.jpg",2048,1366,true],"image_blog":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-408x252.jpg",408,252,true],"image_podcast":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-397x298.jpg",397,298,true],"image_banking":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-30x20.jpg",30,20,true],"image_blog_internal":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-840x480.jpg",840,480,true],"image_blog_medium":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-1024x500.jpg",1024,500,true],"image_single_banking":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/10\/pay-a-cash-advance-featured-scaled-80x53.jpg",80,53,true]},"post_excerpt_stackable_v2":" If you need cash fast, you might be tempted to withdraw money on your business credit card. Doing so can be a quick and convenient way to get the funds you need. But it can also be very expensive. This guide takes a detailed look at how cash advances work and how to pay them off. What is a cash advance? A cash advance is a way of obtaining immediate funds through your credit card. One of the most popular ways to do this is to withdraw money on your credit card from an ATM. Most credit cards let you…<\/p>\n","category_list_v2":"Blog<\/a>, Funding resources<\/a>, SME support<\/a>, Swoop guides<\/a>","author_info_v2":{"name":"Rachel Wait","url":"https:\/\/swoopfunding.com\/ie\/author\/rachel-wait\/"},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/blog\/27916"}],"collection":[{"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/blog"}],"about":[{"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/types\/blog"}],"author":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/comments?post=27916"}],"version-history":[{"count":1,"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/blog\/27916\/revisions"}],"predecessor-version":[{"id":29175,"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/blog\/27916\/revisions\/29175"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/media\/26970"}],"wp:attachment":[{"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/media?parent=27916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/category?post=27916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What is a cash advance?<\/h2>\n\n\n\n
What transactions are considered to be a cash advance?<\/h2>\n\n\n\n
\n
Can I withdraw cash on my credit card?<\/h2>\n\n\n\n
\n
What is the cost of withdrawing cash on a credit card? <\/h3>\n\n\n\n
When should I consider taking out a cash advance?<\/h2>\n\n\n\n
Key considerations<\/h3>\n\n\n\n
\n
How do I compare business credit cards?<\/h2>\n\n\n\n
\n